TITLE VII SPECIAL ORDINANCES
CHAPTER 3 TAX INCREMENT FINANCING
7-3-1Purpose
7-3-2Definitions
7-3-1PURPOSE. The purpose of this ordinance is to provide for the division of taxes levied on the taxable property in Urban Renewal Areas of the City of Hopkinton, Iowa, each year by and for the benefit of the state, city, county, school districts or other taxing districts after the effective date of this ordinance in order to create a special fund to pay the principal of and interest on loans, moneys advanced to or indebtedness, including bonds proposed to be issued by the City of Hopkinton to finance projects in such areas.
7-3-2DEFINITIONS. For use within this ordinance the following terms shall have the following meanings:
“City” shall mean the City of Hopkinton, Iowa.
“County” shall mean the County of Delaware, Iowa.
“Urban Renewal Areas” shall mean the “Hopkinton Commercial Area Economic Development District #1” and the “Hopkinton Urban Renewal Area #4”, the boundaries of which are set out below, such areas having been identified in Urban Renewal Plans.
HOPKINTON COMMERCIAL AREA ECONOMIC DEVELOPMENT DISTRICT #1
Lots 1 & 2, Lots 11 & 12 and South ½ Lots 9 & 10, South ½ 7 & 8; plus vacant alley between 1 & 2, 11 &12 all in Block 1, Carter’s Second Addition.
HOPKINTON URBAN RENEWAL AREA #4
Lots Seven (7) thru Twelve (12) of Block Three (3) of H.A. Carter’s Addition of Hopkinton, Iowa and a strip of land thirty four (34) feet wide and of the length of Lot Twelve (12) immediately adjacent and adjoining said Lot Twelve (12) on the East side thereof.
All of Block Five (5) of H.A. Carter’s Addition to Hopkinton, Iowa.
All of Block Ten (10) of H.A. Carter’s Addition to Hopkinton, Iowa.
All of Block Eleven (11) of H.A. Carter’s Addition to Hopkinton, Iowa.
Lots One (1) thru Thirty (30) of Public Square Addition to Hopkinton.
All of Depot Street in the Town of Hopkinton, Iowa.
That part of Second Street lying between the East line of East Street and the West line of Chestnut Street in the Town of Hopkinton, Iowa.
That part of Public Square more particularly described as beginning at the intersection of the Easterly line of Locust Street and the Southerly line of Second Street, which point is the N.W. corner of said Public Square; thence East 398.9 feet along the Southerly line of Second Street to a point on the Westerly line of Chestnut Street; thence South 100.00 feet along the West line of Chestnut Street; thence West 398.9 feet to the Easterly line of Locust Street; thence North 100.00 feet to the point of beginning, containing approximately 39,890 square feet of land, more or less